Export prices for hot-rolled coil (HRC) from the Commonwealth of Independent States continued to fall in the week ended Monday November 26 under pressure from price reductions in China, which led the trend in the global markets.
Fastmarkets' weekly price assessment for CIS-origin exports of HRC was $470-480 per tonne fob Black Sea on November 26. This was down by $10 per tonne week on week."Falling prices in China make buyers cautious when they buy from the CIS," one traders told Fastmarkets. "Buyers' bids now are as much as $20 [per tonne] lower than offers from mills. That is why [traders] insist on lower prices when negotiating with suppliers. Almost all deals now are back-to-back [meaning that the trader has a customer for a particular tonnage]. Nobody buys for stocks."Fastmarkets' daily index for HRC exports from China was $486.67 per tonne fob November 26, down by $3.33 per tonne compared with November 23.The index has fallen by...